Business Assets – Personal Use?

There is a problem with using your company’s assets for yourself. Assets that belong to your business but are being used for your own benefit or enjoyment, can potentially trigger a tax issue known as ‘Division 7A’.  You have established a business in a company to gain the ‘asset protection’…
Car-Expense Deductions

Car-Expense Deductions

As you have been previously notified, the “car expense deductions” have been radically changed. The one third of actual expenses and the 12% original value options have now been abolished. The cents per kilometre reduced to the standard rate of 66 cents per kilometre rather than the rate based on…
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